British asset manager Aberdeen said on Friday it will acquire the management of nine U.S.-based closed-end funds with total assets of £1.5 billion ($2 billion), as it steps up efforts to expand
its footprint in the United States.
The funds will be acquired from Boston-based investment manager MFS and combined into two larger vehicles, alongside an existing Aberdeen fund. The enlarged funds will invest across a range of strategies, including fixed income and private credit, a segment that has seen strong investor demand.
The transaction marks Aberdeen’s 10th acquisition of U.S. closed-end funds since 2000. The company said the deal underscores its strategy of consolidating the fragmented closed-end fund market to create larger, more efficient products with greater economies of scale.
Aberdeen shares rose 0.7% following the announcement.
Chief Executive Jason Windsor said the company would continue to invest in areas where it sees significant opportunities for growth, particularly in the U.S. market.
No staff will transfer as part of the transaction, and financial terms of the deal were not disclosed. Photo by M J Richardson, Wikimedia commons.